Consortium plans EGP13.5 bln loan for Egypt Petroleum Corp
A consortium of nine Egyptian banks is set to secure 13.5 billion Egyptian pounds ($745.8 million) to finance the state-run Egyptian General Petroleum Corporation’s (EGPC) projects. The loan will be repaid over eight years.
The consortium includes the Commercial International Bank (CIB), the Arab African International Bank (AAIB), National Bank of Abu Dhabi – Egypt (NBAD), QNB Al-Ahli, Societe Arab Internationale de Banque (SAIB), Ahli United Bank, Emirates NBD Egypt, Egyptian Gulf Bank (EGBANK), and Export Development Bank of Egypt (EDBE).
The following table demonstrates the banks’ contributions to the loan.
|
The Bank |
Contribution in Egyptian pound |
|
Commercial International Bank (CIB) |
1.5 billion |
|
Arab African International Bank (AAIB) |
3 billion |
|
National Bank of Abu Dhabi –Egypt (NBAD) |
1 billion |
|
QNB Al-Ahli |
2 billion |
|
Societe Arab Internationale de Banque (SAIB) |
2 billion |
|
Ahli United Bank |
500 million |
|
Emirates NBD Egypt |
500 million |
|
Egyptian Gulf Bank (EGBANK) |
2 billion |
|
Export Development Bank of Egypt (EDBE) |
1 billion |
The banks are working on having final approvals about the contribution to the loan ahead of signing the contracts and disburse the money soon to the EGPC.
